Nigeria's Securities and Exchange Commission (SEC) has alerted prospective investors to fraudulent activities targeting the N2.15 trillion Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals, as the public offer opened on Monday, September 14, 2026. The regulator confirmed it had approved the public offer but expressed concern over bad actors seeking to exploit the high level of public interest in the share sale.
SEC Directs Investors to Use Only Authorised Channels
In a notice signed by its management, the SEC directed investors to channel all applications and payments exclusively through authorised receiving agents, designated subscription platforms, and other officially approved routes. The regulator said only entities it has specifically authorised may receive applications or funds from the public, and urged investors to confirm the registration status of any stockbroker, bank, fintech platform, or capital market operator before proceeding.
Investors were also told to verify the authenticity of any website or digital platform before supplying personal or financial details, and to avoid transferring money to individuals or groups claiming to offer subscription services outside approved channels. The Commission stated: "Investors are advised to carefully review the approved prospectus and understand the risks, terms and conditions attached to the investment before making any commitment."
Fake Offers and Unsolicited Messages
The Commission singled out unsolicited phone calls, WhatsApp messages, emails, and social media advertisements as key tools being used to lure investors with promises of guaranteed share allotments or preferential access to the offer, according to The Sun. It told members of the public not to act on such communications.
SEC stressed that the existence of a company, individual, or social media account does not automatically mean it holds regulatory approval to participate in the offer. The regulator urged all prospective subscribers to seek guidance from registered stockbrokers, banks, and investment advisers, and to use its official verification portals to check the credentials of any platform or individual offering investment services before committing funds.
Broad Investor Interest and Approved Platforms
The Dangote Refinery IPO has drawn broad interest from retail and institutional investors alike, reflecting expectations of strong participation in one of Nigeria's largest capital market transactions to date. Earlier, Legit.ng reported that investors seeking to participate in the IPO can purchase shares through a wide range of approved financial intermediaries, including banks, stockbrokers, fintech platforms, and investment applications.
The platforms are part of the financial intermediary network designated to facilitate subscriptions to the offer, giving investors multiple channels through which they can submit applications. The available options include the Nigerian Exchange Limited (NGX) Invest Portal, among others. The SEC's warning underscores the need for investors to remain vigilant and use only officially approved channels to avoid falling victim to fraudulent schemes.
